|
Report No. : |
303697 |
|
Report Date : |
19.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
DAEMYUNG OPTICAL CO., LTD. |
|
|
|
|
Registered Office : |
100, Sinilseo-ro 18beon-gil, Daedeok-gu, Daejeon |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
13.11.1998 |
|
|
|
|
Com. Reg. No.: |
306-81-32850 |
|
|
|
|
Legal Form : |
Co., Ltd by Shares |
|
|
|
|
Line of Business : |
Manufacture of Optical Lens and Elements |
|
|
|
|
No. of Employee : |
276 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Exist |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion-dollar club of world economies, and is currently the world's 12th largest economy. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.
|
Source
: CIA |
Basic
|
Company Name |
DAEMYUNG OPTICAL
CO., LTD. (Korean Company Name : “대명광학(주)“) |
|
Registered Address |
100, Sinilseo-ro 18beon-gil, Daedeok-gu, Daejeon, Korea |
|
Building |
|
|
Zip Code |
306-230 |
|
Tel |
+82-42-939-1000 |
|
Fax |
+82-42-939-1005 |
|
E-mail |
webmaster@dmo.co.kr |
|
Website |
www.dmo.co.kr |
|
Trading
Address |
100, Sinilseo-ro 18beon-gil, Daedeok-gu,
Daejeon, Korea (Old Address System : 1673-4, Sinil-dong, Daedeok-gu, Daejeon, Korea) |
|
Tel |
+82-42-939-1000 |
|
Fax |
+82-42-939-1005 |
|
Other
Address-Ochang Factory |
587-20, Gwahaksaneop 2-ro, Ochang-eup, Cheongwon-gun,
Chungcheongbuk-do, Korea |
|
Tel |
|
|
Fax |
|
|
Other
Address |
6FL., 53, Gangnam-daero 99-gil, Seocho-gu,
Seoul, Korea |
|
Tel |
|
|
Fax |
|
|
Type |
Export/Import |
|
Industry |
Manufacture
of Optical Lens and Elements |
|
Main Business |
Optical
Lenses |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
11/13/1998 |
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Eyeglass lenses(42142902) |
CEO’s
|
Name |
Lee
Kyung-Suk |
|
Address |
Suite 808-501, 34, Eungubinam-ro,
Yuseong-gu, Daejeon, Korea |
|
Date of Birth |
05/11/1947 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
Profiles
|
Capital (KRW) |
2,455,000,000 |
||||||||||||||||||
|
Employees |
276 |
||||||||||||||||||
|
Formation |
Co.,
Ltd by Shares |
||||||||||||||||||
|
Bank Details |
Woori Bank Hana Bank |
||||||||||||||||||
|
Corporate Registered No. |
160111-0075633 |
||||||||||||||||||
|
Business Registered No. |
306-81-32850 |
||||||||||||||||||
|
Permit & Licenses |
Int’l
Trade No.: 16003217 |
||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||
|
Company History |
05/20/1985 Established as DAEMYUNG INDUSTRIES CO.(Sole Proprietorship) 11/13/1998 Incorporated as the present name 11/2005 Awarded US$ 10 Million Export Top
Prize 12/2012 Awarded US$ 50 Million Export Top
Prize |
||||||||||||||||||
|
|
|
Management
|
Job
Description |
Title |
Name |
Sex |
Nationality |
Inauguration
Date |
|
President
& CEO |
Mr. |
Lee
Kyung-Suk |
Male |
Korean |
03/30/2007 |
|
Director |
M/S. |
Kim Kyung-Sook |
Female |
Korean |
03/30/2007 |
|
Director |
Mr. |
Lee Hong-Seok |
Male |
Korean |
03/30/2010 |
|
Auditor |
Mr. |
Lee In-Seok |
Male |
Korean |
12/07/1998 |
Financials
|
Year / Unit
: KRW |
Sales |
Assets |
Net Income |
|
2013 |
77,485,810,498 |
99,575,810,377 |
10,499,048,122 |
|
2012 |
89,891,150,083 |
98,752,380,964 |
12,885,686,343 |
|
2011 |
86,836,730,570 |
99,374,702,830 |
11,526,196,221 |
|
2010 |
75,834,353,359 |
81,867,583,654 |
12,186,772,948 |
|
2009 |
72,848,406,030 |
72,919,832,142 |
10,935,193,418 |
|
2008 |
57,956,658,445 |
65,718,069,744 |
5,528,805,499 |
Financial Description
|
Authorized Capital(KRW) |
7,220,000,000 |
|
Paid-Up Capital(KRW) |
2,455,000,000 |
|
Total Issued Shares |
245,500 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Total Assets |
99,575,810,377 |
98,752,380,964 |
99,374,702,830 |
|
Current Assets |
36,769,832,080 |
38,539,927,224 |
38,788,187,644 |
|
-Quick
Assets |
22,171,485,371 |
22,897,589,123 |
24,757,172,897 |
|
-Inventories |
14,598,346,709 |
15,642,338,101 |
14,031,014,747 |
|
Fixed
Assets |
62,805,978,297 |
60,212,453,740 |
60,586,515,186 |
|
-Investment |
38,579,812,910 |
33,514,600,857 |
31,598,875,199 |
|
-Tangibles |
23,932,941,388 |
26,295,267,901 |
28,542,365,863 |
|
-Intangibles |
190,526,999 |
312,075,682 |
354,860,824 |
|
-Others |
102,697,000 |
90,509,300 |
90,413,300 |
|
Total Liabilities |
3,944,840,526 |
12,730,032,606 |
21,981,765,648 |
|
Current Liabilities |
3,156,363,841 |
12,300,407,360 |
21,749,320,500 |
|
Fixed Liabilities |
788,476,685 |
429,625,246 |
232,445,148 |
|
Capital Stock |
2,455,000,000 |
2,455,000,000 |
2,455,000,000 |
|
Capital Surplus |
|
|
|
|
Profit Surplus |
83,772,744,350 |
74,473,696,228 |
63,860,246,188 |
|
Capital Adjustment |
9,403,225,501 |
9,093,652,130 |
11,077,690,994 |
|
Total Equity |
95,630,969,851 |
86,022,348,358 |
77,392,937,182 |
|
Liab. & Shareholder’s Equity |
99,575,810,377 |
98,752,380,964 |
99,374,702,830 |
|
Current Liabilities |
3,156,363,841 |
12,300,407,360 |
21,749,320,500 |
|
Trade
Payables |
536,380,162 |
1,634,553,735 |
2,433,591,496 |
|
Short-Term
Borrowings |
- |
7,497,000,000 |
14,693,676,551 |
|
Account
Payables |
1,635,927,696 |
1,905,372,859 |
1,792,228,220 |
|
Advance
Receipts |
192,988,992 |
211,697,358 |
242,384,401 |
|
Withholdings |
274,263,335 |
110,714,041 |
110,158,671 |
|
Accrued
Expenses |
- |
8,112,986 |
10,537,310 |
|
Accrued
Income Tax |
516,803,656 |
932,956,381 |
1,966,743,851 |
|
Current
Portion of Long-Term Debts |
|
|
500,000,000 |
|
Fixed Liabilities |
788,476,685 |
429,625,246 |
232,445,148 |
|
Provision
for Severance & Retirement |
3,620,752,700 |
3,526,907,030 |
3,034,643,480 |
|
Leasehold
Deposit Received |
220,000,000 |
- |
|
Income
Statement
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Sales |
77,485,810,498 |
89,891,150,083 |
86,836,730,570 |
|
Cost of Sold Goods |
64,371,969,772 |
72,682,839,457 |
69,502,385,892 |
|
Gross Profit |
13,113,840,726 |
17,208,310,626 |
17,334,344,678 |
|
Selling & Admin. Expenses |
6,902,963,080 |
6,515,401,537 |
6,654,863,603 |
|
Operating Income |
6,210,877,646 |
10,692,909,089 |
10,679,481,075 |
|
Non-Operating Income |
6,863,046,594 |
6,292,941,811 |
5,068,946,646 |
|
Non-Operating Expenses |
1,141,393,440 |
2,089,225,437 |
1,460,095,149 |
|
Income Before Taxes |
11,932,530,800 |
14,896,625,463 |
14,288,332,572 |
|
Income Taxes Expenses |
1,433,482,678 |
2,010,939,120 |
2,762,136,351 |
|
Net Income |
10,499,048,122 |
12,885,686,343 |
11,526,196,221 |
Cash Flows
|
|||
|
Unit : Korean Won |
As of
12/31/2013 |
As of
12/31/2012 |
As of
12/31/2011 |
|
Cash Flows from Operating |
12,975,748,915 |
8,217,209,402 |
10,093,647,360 |
|
-Net Income |
10,499,048,122 |
12,885,686,343 |
11,526,196,221 |
|
-Exp. without Cash Outflow |
4,733,405,858 |
5,213,940,854 |
5,544,265,454 |
|
-Revenue without Cash Inflows |
-5,414,152,799 |
-5,255,713,264 |
-3,701,085,350 |
|
-Changes in Asset/ & Liability |
3,157,447,734 |
-4,626,704,531 |
-3,275,728,965 |
|
Cash Flows from Investing |
-9,757,150,294 |
1,743,814,675 |
-4,809,202,284 |
|
-Cash Inflow from Investing |
963,615,718 |
3,798,625,466 |
3,460,846,864 |
|
-Cash Outflows for Investing |
-10,720,766,012 |
-2,054,810,791 |
-8,270,049,148 |
|
Cash Flows from Financing |
-8,697,000,000 |
-9,411,484,551 |
-2,600,000,000 |
|
-Cash Inflows from Financing |
- |
- |
- |
|
-Cash Outflows from Financing |
-8,697,000,000 |
-9,411,484,551 |
-2,600,000,000 |
|
Increase/Decrease in Cash |
-5,478,401,379 |
549,539,526 |
2,684,445,076 |
|
Cash at the Beginning of Year |
8,553,077,388 |
8,003,537,862 |
5,319,092,786 |
|
Cash at the End of Year |
3,074,676,009 |
8,553,077,388 |
8,003,537,862 |
|
Main Products & Services |
Optical
Lenses |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
|
|
Customers |
|
|
Competitors |
A.G. OPTICS CO., LTD. 731-8, ANCHEONG-DONG, GWANGSAN-GU, GWANGJU,
KOREA TEL:+82-62-956-0765 FAX:+82-62-956-0764 MICROPTICS CO., LTD. RM. 501, YUNMIN TECHNO TOWN, 473-4, BORA-DONG,
GIHEUNG-GU, YONGIN-SI, GYEONGGI-DO, KOREA TEL:+82-31-289-9000 FAX:+82-31-285-7900 HANMI SWISS OPTICAL CO., LTD. 26-18, HO-DONG, JUNG-GU, DAEJEON, KOREA TEL:+82-42-273-8972 FAX:+82-42-274-0819 |
|
Affiliates |
|
|
Overseas Office |
|
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
DAEJEON DAEMYUNG
OPTICAL(GWANGZHOU) CO., LTD.(CHINA) (100.0% held by the subject company) |
|
Corporate Ownership |
|
|
Major Shareholders |
|
|
Cooperative Enterprise |
-Insured Company SAMSUNG FIRE & MARINE INSURANCE CO.,LTD.(110111-0005078) DONGBU
INSURANCE CO., LTD.(110111-0095285) |
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount
(Million KRW) |
Status |
|
|
Daejeon
District Court, Korea |
|
The
Subject Company |
Violation
of Custom Law |
|
Proceeding |
|
|
Daejeon
District Court, Korea |
|
The
Subject Company |
Claim
for Compensation from Damages |
|
Proceeding |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.89 |
|
|
1 |
Rs.93.92 |
|
Euro |
1 |
Rs.72.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.